The volume of trade between Switzerland and Russia has increased since the start of the Ukraine war, despite Swiss sanctions, according to official figures.
The Tages Anzeiger newspaper has crunched the numbers from the Swiss customs authorities and finds exports have increased 19% while imports have risen 54% since the war began.
Exports are dominated by pharmaceutical products, the newspaper reports, with some trade likely catching up from logjams created by the pandemic.
More
More
Swiss gold imports come under scrutiny as G7 targets Russia
This content was published on
A spike in Switzerland’s gold imports from Russia is under scrutiny as the leaders of G7 nations gear up to introduce a ban on the precious metal.
But the sizeable increase in imports is dominated by gold, which is subject to specific Swiss sanctions.
In August, Switzerland, which is a major global hub for processing gold, adopted European Union sanctions prohibiting the trade of Russian gold and gold products.
But this appears to be having little impact on Russian gold imports. In November, 6.4 tons of gold worth CHF344 million ($370 million) arrived from Russia, but the identity of the buyer is unclear.
The Swiss Association of Precious Metal Manufacturers and Dealers says its members do not touch Russian gold while the Russian embassy to Bern declined to comment to the Tages Anzeiger.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
It is believed that much Russian gold enters Switzerland via third countries, such as Dubai, which makes it harder to police.
The newspaper also highlighted figures from the Observatory of Economic Complexity that shows trade increasing between Russia and multiple countries since the war began.
Besides China, India and Turkey, trade also increased with Belgium, which is a major diamond trading hub, according to these statistics.
More
More
The shady origins of gold refined in Switzerland
This content was published on
Most of the gold in the world passes through Switzerland. This is a business worth CHF70-CHF90 billion depending on the year.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on
China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland takes over EU sanctions on Russian gold
This content was published on
Switzerland, a major gold-refining hub, has followed the EU in banning Russian gold as part of new sanctions due to the war in Ukraine.
Swiss note another slight rise in frozen Russian funds
This content was published on
Since the invasion of Ukraine in February and the start of sanctions, Switzerland has frozen some CHF7.5 billion ($7.9 billion) in Russian assets.
Swiss gold imports come under scrutiny as G7 targets Russia
This content was published on
A spike in Switzerland’s gold imports from Russia is under scrutiny as the leaders of G7 nations gear up to introduce a ban on the precious metal.
This content was published on
Most of the gold in the world passes through Switzerland. This is a business worth CHF70-CHF90 billion depending on the year.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.